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Us 13, California 10, Israel 8, New York 8, Grimm 5, Benjamin Netanyahu 5, Ukraine 4, U.s. 4, Liz Claman 3, Gerri 2, Netanyahu 2, Obama 2, Celebrex 2, New York City 2, Princeton 2, Washington 2, Boeing 2, Tim Us Some 1, Narcotic 1, Bohai Ec 1,
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  FOX Business    The Willis Report    Host Gerri Willis.  

    March 5, 2014
    5:00 - 6:00pm EST  

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gerri: hello, everybody, i'm gerri willis. right now on "the willis report" , college entrance test makeover. we're breaking down the biggest changes to the s.a.t. in nearly a decade. also, our one-on-one with israel's prime minister, benjamin netanyahu. we're talking business politics and his new partnership with the u.s. and "consumer reports" appears to help us to answer the question, do you buy the extended warranty for your car? we're watching out for you on "the willis report."
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gerri: who should pick up the tab for federal flood insurance? homeowners, or taxpayers? the house approving a bill to block premiums from spiking for government sponsored flood insurance. the senate could vote on the legislation by the end of this week. here to weigh in, republican congressman michael grim of new york, who cosponsored the bill. congressman, welcome to the show. so here you are, you sponsor this bill. looks like taking a step closer to becoming law. why did you back this piece of legislation? >> it is absolutely needed. as you just mentioned we're talking about skyrocketing premiums. premiums going up 20, $30,000, which, simply are not affordable. so we have already seen what is happening. closings being stopped at the table. people walking away pro their homes and foreclosures because their mortgages are being called. this would devastate the real estate market and hurt all these communities that are anywhere near a flood zone jo congressman, clearly people in your district and people all over the region in new york hit
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by sandy facing huge increases in their premiums but only go years ago, republicans led the charge to bring a little sanity to the flood insurance program which is 24 billion in deficit spending. will this legislation put us further into the deficit? >> no, not at all. in fact, this bill, unlike the senate version which, you know there was a lot of discussion over the senate version, this bill is actually 100% paid for, and, generates about $165 million, according to the cbo, of revenue over five years. so it pays for itself. it is not a tax because it, it pays for itself only for those within the national flood insurance program. so if you're not in a flood zone and you don't have flood insurance, this doesn't affect you. but if you are in the flood insurance program and your primary residence you will pay a user fee to pay in the program of $25 a year. very reasonable. that will pay for the program. gerri: i got it tell you, 200 million over five years? that doesn't do anything
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over4 billion in debt the program is already n how will we pay that off? >> well it is still better than nothing. had we done nothing, there wouldn't be 165 million toward that debt. that is number one. second thing that number is not completely accurate. people don't tell you against the bill, every time there was ever a surplus in the flood insurance program, that surplus was raided and used for the general spending of government. you will always be at somewhat deficit keep raiding any year there is surplus. that is unone of the problems -- gerri: how long has it been since we had a surplus? it has been a long, long time. >> katrina hurt us. i had think we can privatize a lot of the national flood insurance program. will that take a year or two of serious debate within the committee and hearings, yes? i think we get to the point where we privatize moats of it. almost just have a backstop by the federal government so we protect taxpayers even more. but to get there, we needed to at least do this patch, because this would have destroyed local economies, hurt the economy
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tremendously and did away with the flood insurance program, you know, almost immediately. that wouldn't have helped anyone. gerri: congressman grimm, thanks for coming on the show-and-tell us about this tonight. appreciate your time. >> no problem, thank you. gerri: now i want to bring in tim carney, senior political columnist for the "washington examiner" and a scholar at the american enterprise institute. i'm shaking my head over this because, wouldn't just two years ago the republicans said, my goodness, we need to reform this entire program. it is hugely expensive. cost overruns. the american taxpayer paying for homes of wealthy people. and now, congressman grimm walking away from that. >> well, yes. 400 members of the house of representatives voted for the reform that now this congressman grimm's pillaringly takes apart. he is not killing the whole reform. it is pulling out a lot of the ways in which this was getting closer to what he talks about, a private thing, where insurance is supposed to be priced based
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on risk. the reform was saying if you live in riskier place based on all studies done by the government, then you will pay higher premiums and we will slowly ease you into the higher premiums but the even that slow, easing in, got homeowners to throw their hands up in the air and those people apparently got ears of members of congress. gerri: tim, let's face it, what it does, limits any premium increases to more than 11% on annualized basis. cost of that insurance can be no more than 1% of the home's value. reality is, insurers have been walking away from this market for a long time. you've seen what happened in florida where it has been so difficult to get homes insured down there. certainly now in the new york city area, it will be the same thing because of sandy. do you really think you can rebuild a private market for insurance for these very, very, very risky areas? >> well, there is a couple questions there. one can a private market be built? and two, if we've got a
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government market should it resemble a private market? that is what the idea of the reforms from 2012 were. you pay per risk. if you can't get insurance for building a house on a certain piece of property, that is a market signal that you shouldn't build that house on that piece of property. gerri: right. >> it might have really nice views, if the insurance, can't get anybody to insure at all, well, maybe i just have to either risk losing my whole home entirely, or, more sensibly, build someplace a little bit safer. gerri: you make a very good point. and another point that know a lot of our viewers think about, particularly taxpayers, particularly taxpayers who don't live with views of the ocean every day, they know that 9% of homes with subsidized flood insurance rates are owned by people in the bottom 30% of income earners. >> yep. gerri: so in reality, these tend to be wealthier people, not all, but many of them. wealthier people who get this government backstop and ultimately get the government to help them rebuild their homes
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when their views are just destroyed. what do you say to that? >> and this is, yeah, this is the way a lot of government programs work, right? government program, government is supposed to increase apbenefit regular person and it does, in congressman grimm's district, staten island a lot are middle class families threatened by floods. gerri: correct. >> on net, the benefits ends up going to the wealthy people. that is often what happens with government programs. what the congressman said about, well, we're going to pay pour this bill, it pays for it with this weird $25 fee on everybody. as a way of preventing them from having price in the risk. and people who believe in the free market believe that prices are signals. they tell us something. they tell us how risky it is. and congressman grimm's bill takes away for ability of the price to be signal. gerri: 25 bucks on every insurance policy. not enough to pay off 24 billion in debt. got a long way to go. tim, thanks for coming on. interesting to hear what you have to say on it.
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thank you. >> thank you, gerri. gerri: we want to know what you think. here is our question tonight. should taxpayers foot the bill for flood insurance? log on to gerriwillis.com. vote on the right-hand side of the screen. i will share results at the end of tonight's show. another overhaul in totally different part of the world. this time the s.a.t. college entrance exam. the college board announcing it is giving the test a make make it more connected to the high school curriculum. here with details, rob with the princeton review. thanks for being here. >> thanks for having me. gerri: what is going on here? why are they making changes to the test. >> last time they changed s.a.t. in march 2005 when they added a essay section. it is removed to the essay question. going back to the scoring grid. 800 points for verbal and 800 points for math. a couple things will happen. more common vocabulary words, a big coup for students. no penalty for wrong answers. no penalties for guessing which
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i think is a great coup for kids. gerri: you know, i know a lot of people out there sitting back, saying what does it mean for students? that is who really will be impacted. >> you're right. there is huge value when we start to think about a change for the s.a.t. the s.a.t., we've long been critical s.a.t. at princeton review. it need to be overhauled because it needs to be predictive of college success. when we herd today at news conference was s.a.t. was not predictive of college success. we've been talking about this a long time. gpa in high school is better indicator how well we do in college. gerri: use that. get rid of all the nonsense with the testing. >> when we start it think about it, some schools are doing that. test optional schools. 2/3 of solidly 4,000 colleges universities looking at s.a.t. or standardized test indicator. schools looking at tens of thousands of students. hard to look for one pretick -- predictor. gerri: s.a.t. is losing
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competitive ground to the s.a.t. all about market share. >> absolutely. two years in row. gerri: why is that happening? >> two years in a row s.a.t. trumped s.a.t. in amount of test take is. 1.6 million students taking act. slightly less an s.a.t. that same number six years ago was 700,000 test takers for s.a.t. they're grabbing share. act long been an exam that is so connected to what a student will learn in high school. so the s.a.t. today is pushing on those same levers, saying we'll connect the s.a.t. to directly what kids are learning in high school. gerri: rob will this be fairer system for students at end of the day. >> you know, i think, when we start to think about it, what will really help students providing them formore resources. more access to more data early on as probably best indicator. s.a.t. will be around. 2/3 of four-year colleges are still looking at them. it is a necessary evil in the eyes of lots of admission offices.
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we're watching closely at princeton rye you. >> great to talk with you, rob. happened just today. didn't realize you were pushing for it. >> good to see. >> advice before you buy the next car that may save you money. next a shocking report on some charity telemarketers, pocketing some of the donations. we'll tell what you you need to know next. ♪ i ys say be thman with the plan but with less ergy, moodiness, i had to do something.
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we learned that technology allows us to be craft oriented. no one's losing their job. there's no beer robot that has suddenly chased them out. the technology is actually creating new jobs. siemens designed and built the right tools and resources to get the job done. gerri: americans have always opened their hearts and wallets to charities. we're very, very generous. in fact last year we gave more than $300 billion, $316 billion to charities. that's the booed news. the bad news is, if telemarketer was involved, much of that money didn't even go to the charity. here to explain charity navigator ceo, ken berger. what is going on here. >> report came out, called pennies for charities. pennies for charities and 10 of millions for telemarketers. essentially it shows in most
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cases 2/3 of the money or more is going to the telemarketers when somebody calls you asking for a donation. these telemarketing firms that they hire to do this, and in some cases, none of the money gets to the charity at all. they lose money. gerri: that is unbelievable to me. let's go over couple of examples. for example, the canner survive fund, again from the report from the new york attorney general office. telemarketers kept 89.9% of the money. only 7.1% of money raised went to the charity itself. same trend with firefighters charitable donation and committee for missing children. happens over and over again. according to the report, telemarketers kept 62% of charity donations in new york. 62% of your dollars, kept by these telemarketing operations. what i think you should do, if you're at home and telemarketer calls you soliciting for some charity, hang up. don't even talk to them. >> that is exactly the right
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advice. we urge people to do that. and to a little it about research. you know, we're a resource for that but a charity that is engaged in that kind of activity is either showing really poor judgment, or, worse still, in some cases they may be involved in fraud. the attorney general's office has closed some charities in prior years after these investigations and hopefully they will do some investigations following up to this and do that yet again. gerri: i think the problem with this, if you are giving to charities and you're interested in doing the right thing and contributing to some really good cause, you want to be proactive. you want to go out and research the charity you're most interested in. great way to do that with your website, charity navigator.org. >> thank you. i think the whole idea is to have a plan in place. we talked about that before. that it is really important to know what you want to give to and not just react to these, they may pull on your heartstrings, may tell a great story but they can lie, they actually lie on the phone! it is really bad.
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gerri: are they exempt from the do not call list too? >> yes, they're exempt from that list. there is one supreme court case said the states could go after deceptive practices but the ability to find it out when they appear to be like they're working for the charity. they make claims that you have to follow up on. it is not easy to catch them. gerri: kind of things you want to look for, the amount of money going to the actual cause. on your website you actually grade people how well they do. what proportion of ever dollar should go to sick kids, should go to cancer research, whatever the issues is? >> we like to see at least 3/4 of the money ideally going to program services, very important, money for overhead and administrative costs you have to spend money to raise money. we like see clearly of money, 2/3 of money going to telemarket, we would like to see 2/3 or more going to the program, the other way around. gerri: watch out for bloated salaries for executives. what are other red flags you
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see? >> sound alike names for a charities, that you have to watch out for. there are, people who will meet you, same thing on the street. you can run into the same kind of problem with somebody on the street. you find these websites where it is not even a charity at all. it is a dot-org. doesn't mean it's a charity. gerri: has to be 501(c)(3) because you don't get tax deduction. we want the tax deduction at end of the day. >> exactly right. gerri: ken, thanks for coming on. great to see you. >> my pleasure. gerri: how obamacare could be putting children's health at risk. which answer the question how do you do that? with advice on buying a car and if those extended warrants are worth it. ♪
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gerri: don't get the shaft when
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buying your next car. why the added cost of car warranties might just drive your investment into the ground. ♪ what is this place? where are we? this is where we bring together the fastest internet and the best in entertainment. we call it the x1 entertainment operating system. it looks like the future! we must have encountered a temporal vortex.
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further analytics are necessary. beam us up. ♪ that's my phone. hey. [ female announcer ] the x1 entertainment operating system, only from xfinity. tv and internet together like never before. gerri: okay you heard the horror stories from car dealers pushing extended auto warranties. like possibility of getting hit with thousands of dollars in repair or replacement costs not covered by factory warranty when you buy the car. buyers want to protect the shiny new investment. "consumer reports" has the real truth behind these policies. we have senior projects editor todd marks. before you tell me if they're worth it, tell you extended warranties when you buy the car. what kind of things will it cover? >> can cover anything, limited warranty to the tires, power train or bumper-to-bumper coverage that covers everything from your engine, transmission,
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your rental car. every possible, every possible thing that could go wrong. gerri: okay. so you're saying they're worth it or they're not worth it? >> they're definitely not worth it for the vast majority of people. 12,000 "consumer reports" subscribers purchases extended warranty of new car. only 26% said they would do it again. 567895% of those never even filed a claim. the average cost was about $1200. and for more expensive cars, they cost even more. so, it really, if you do the math it just doesn't add up. gerri: you know what i like about this story too? you you are talking to your readers about this. getting feedback. that is how you come to the conclusions. who is satisfied with the warranty and who is not at satisfied with the warranty. clue us. >> least satisfied of owners of toyotas, subarus and hondas which tend to be very reliable car brands year after year.
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consumer reports surveyed people, they're among the top-rated for reliability. now those folks that buy less reliable cars, mercedes, bmw, chrysler and doj, were among the more satisfied people. and as a matter of fact, 71% of people that owned bmws actually filed a claim. there is correlation probably there between the fact that you're buying a car that isn't reliable in the first place and making a claim and saying, well at least i got my mom money's worth. my car broke down and got something for it. gerri: that is so funny. i love that show people the math on this median out-of-pocket savings for using that extended warranty, $837. average initial cost is over 1200 bucks. the net savings are no net savings. actually a loss, generally $400. >> around $375. remember the cost of the repair in our survey, among 12,000 people, rarely exceeded the cost of the warranty. so you're betting against
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yourself. you're really betting there will be the perfect storm, where the product, your car will break down, the costs of the repair will exceed the cost of warranty, and here's the big thing, you're betting that that car is going to break down precisely during the period after the manufacturer's warranty expired but precisely during the three to-five-year window when most warranties are in effect. that is a long shot bet if ever i heard one. gerri: should anybody buy these? do these warranties make sense for anyone at all? >> the reason they're sold primarily because of peace of mind. vast majority of people who we surveyed at "consumer reports" they would buy them for peace of mind. they, you know, and so for people that would stay awake at night it can be something. we recommend if you do that, don't listen, watch out for telephone solicitations. they try to make out coming from the automaker. usually they're not. and also, buy from a auto
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manufacturer dealer-backed policy if you're considering that. they had higher satisfactory rate than people who bought them from third parties. what we say best of all, take the is it 1200 bucks you would have bought a warranty and put it in rainy day fund, in interest yielding account. in unlikely event something goes wrong you have it to pay off. use it as down payment for the next car. gerri: i love that. before you go i will tell this one other number you came up with, if you haggle for this, say you're bound and determined to pet this thing. >> yes. gerri: you haggle for extended warranty you can save $325 on average. todd, thanks for coming in. always great to have you on the show. thanks for filling us in. we'll stay away from those extended warranties. >> good job, gerri. gerri: thank you. time now for a look at stories you're clicking on tonight on foxbusiness.com. stocks ending the day mixed after closing at another all-time high yesterday. the adp report moveddest hiring gains of private companies in february has failed to excite
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investors. ukraine's foreign minister is still hoping he will meet with his russian counterpart in paris and hopes of finding a diplomatic solution to the crisis in ukraine. meanwhile european union official says the group is ready to provide ukraine with $15 billion aid package. yesterday, president obama offered a billiondollars from the u.s. >> target said its chief information officer, beth jacob, resigned effective immediately. as the retailer tries to overhaul the security division in the wake of the massive data breach. jacob held the job since 2008. facebook will now delete posts from users selling illegal guns or selling any weapon without background checks. the policy will be implemented over next few weeks of the social media site has been unpressure recently from gun control advocates and new york's attorney general. those are many some of the hot stories right now on foxbusiness.com. coming up first on fox business interview with israeli
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prime minister benjamin netanyahu. next one man's story how obamacare is killing his business, one of only one providing orthopedic care to children. stay with us. there's this kid. coach calls her a team player. she's kind of special. she makes the whole team better. he's the kind of player that puts the puck, horsehide, bullet. right where it needs to be. coach calls it logistics. he's a great passer. dependable. a winning team has to have one. somebody you can count on. somebody like my dad. this is my dad. somebody like my mom. my grandfather. i'm very pround of him. her. them.
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[ mawhile a body in motionat resnds to stay in motion.t... staying active can ease arthritis symptoms. but if you have arthritis, this can be difficult. prescription celebrex can help relieve arthritis pain and improve daily physical function so moving is easier. because just one 200mg cebrex a day can provide 24 hour relief for many with arthritis pain. and it's not a narcotic. you and your doctor should balance the benefits with the risks. all prescription nsaids, like celebrex, ibuprofen, naproxen and meloxicam have the same cardiovascular warning. they all may increase the chance of heart attack or stroke, which can lead to death. this chance increases if you have heart disease or risk factors such as high bloodressure or when nsaids are taken for long periods. nsaids, like celebrex, increase the chance of serious skin or allergic reactions,
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or stomach and intestine problems, such as bleeding and ulcers, which can occur without warning and may cause death. patients also taking aspirin and the elderly are at increased risk for stomach bleeding and ulcers. don't takeebrex if you have bleeding in the stomach or inteste, or had an asthma attack, hives, other allergies to aspirin, nsaids or sulfonamides. get help right away if you have swelling of the face or thro, or trouble breathing. tell your doctor your medical history. and ask your doctor about celebrex. for a body in motion. we are thinkers. the job jugglers. the up all-nhts. and the ones who turn ideas into action. we've made our passions our life's work. we strive for the moments where we can s, "i did it!" ♪ we are entrepreneurs who started it all... with a signature. legalzoom has helped start over 1 million businesses, turning dreamers into business owners. and we're here to help start yours.
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gerri: the fed's today officially announced the two-year extension to obamacare. it allows insurance companies to keep offering plans not meeting obamacare rules like maternity coverage for men. the two-year delay means another round of policy cancellations would not have happened until the next presidential election. the risk corridor is a pool of money to compensate insurance companies to compensate when they enroll too many sick people. the government says it is budget neutral even though
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the president's budget just requested 5.$5 billion. the world's only company specializing in orthopedic equipment for children is facing massive fallout from obamacare. 2.3 medical devices to you generate millions of dollars. the company is now being forced to make drastic changes to the business model. and joining me now, the mark , we appreciate your time. tell us about your company. >> we're the only company in the world that makes a full array of orthopedic implants for children. in the hands of expert surgeons they are put on the bone or inside the bow and to treat complex fractures or deformities. many times our products are used for cerebral palsy so
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it can enable children to walk normally for the first time in their lives. gerri: the only company that does this now you face this tax. but for your company that is relatively young how big of the burden is it? >> it is in the hundreds of thousands of dollars. the issue is over the last five years every dollar of sales that we have had is put back into the development of more products and hiring of people. so we are not yet profitable the only way to come up with this tax is cut expenses elsewhere. gerri: a you cutting jobs? fewer people on staff? >> fortunately we don't have to cut jobs but the business is growing 40% per year in and we will overcome this but it is an obstacle placed
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in our path i think it is inadvertently but obviously we had to slow down the pace of new-product development in delay hiring more people. gerri: as we have seen mature industry reduced research and development summer relocating overseas to get away from the tax. the way it is formulated it is 2.3 percent tax of the sales tax not on your profit that is very different. >> attacks like that might be appropriate for liquor but i hardly think it is appropriate for children medical devices. if the tax is based on profitability, and come one can pay for that with the slight reduction but
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interestingly 80% of companies in the medical device industry are small business like ours. that his role innovation comes from. the average profitability of those 80 percent is if this fact -- tax is 2.3% that is the enormous strunc even those who read a more advanced stage. gerri: nastily it is to cost 33,000 jobs but also sounds like it will squash innovation. where would you like to see innovation? the government says no. >> data is inadvertent but that is the consequence. there was a recent survey done that shows one out of three companies surveyed have already cut product development that is the lifeblood and the lifeblood
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of medical science. gerri: and the consumers in patients. thank you for coming onto night. i hope you come back. the survey finds private companies funded more jobs in february than january. 139,000 were added up from 127,000 the previous month but that was revised lower from the original estimate of 175,000. this is the head of the report on friday. if you're still looking for work there are opportunities in some cities than others. the top five. number five, dallas. the seventh highest salaries with the second lowest unemployment. number for.
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the fourth most affordable housing market but the average temperature 96 degrees at arlington. number 32 about. -- tim us some of the u.s. people living below the poverty line. number two washington dc the second highest starting salary in the third most industry variety. number one is fort worth. though loadstar state is where it is that the most affordable housing and the best falling unemployment rate. the worst city? new york city and los angeles. liz claman will sit down with benjamin netanyahu. you do not want to miss the first on fox interview. stay with us.
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iwe don't back down. at boeing, that's what building something better is all about. we only know one direction: up so we're up early. up late. thinking up game-changing ideas, like this: dozens of tax free zones across new york state. move here. expand here. or start a new business here... and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at start-upny.com
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gerri: our next guest a retired executive who reveals the work stress he faced and offers career advice pal it could reach your life. author of the book, god revealed. people say you cannot bring those two together. how do you? >> i made the mistake that were ship banned prayer is sunday only activity. but i decided that we have difficult positions to make with a high-level corporate position and i was not smarty nothing and i needed god in the workplace i brought him in through prayer. often very short not asking
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for things like hitting a profit goal but rather to guide my actions and my words to do so in a way that demonstrates integrity and strong business ethics and serves as a role model for my employees and fellow workers. gerri: you ran in new york life insurance for a very long time. it is a high-pressure big-time job. tell us about your world before you changed. >> very high pressure we had 65,000 employees and agents and i was responsible for almost all of the company and it was stressful in very difficult but i had got on my side to help me through that experience and i believed that god was with
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me to guide those decisions. gerri: you took early retirement and what it? >> i went off to divinity school and felt my spiritual education was deficient. i felt a calling really that god was calling me to repurchase and rebalance my life by going to divinities school. even though was impacting lives and expressing my faith i felt it was something bigger. and the book as a ministry in its own right. gerri: reflect on your past to help in the workplace? >> it is interesting. the title of the book is god revealed that was the working title without a subtitle because many experiences that i recall
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were where i a palpably felt god right there in a moment. and with the struggles in my life when i was having financial difficulty i remember at 1.i wish it to end yesterday to talk about filing bankruptcy or when my job was in jeopardy. with those struggles i revisited my past that inspired the subtitle. i encourage your viewers to do this saving that guide in hindsight was lifting be up to carry me through the difficult time so i encourage my readers to go through the same exercise to revisit their past. that affects all phases not just the workplace.
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gerri: fascinating book a and conversation. i wish we could talk longer. think you. great to meet you. up next we will go live to california with liz claman for a special interview with the israeli prime minister netanyahu as he gets ready to do business in the u.s.. stay with us.
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gerri: this is a relative is a start at nation by getting ready to do business in silicon valley. "first on fox" interview is next.
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gerri: israel prime minister benjamin netanyahu made the
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trip to silicon valley today with the partnership with the state of california. liz claman is in palo alto with the "first on fox" interview. >> we are here with israeli prime minister netanyahu who is here to sign a pact with the state of california but also to meet with the luminaries in the valley. you just met with the ukrainian jewish billionaire now. [laughter] >> so old. 65 employees to make 90 million. liz: he is behind the game but he told the he got the inspiring idea for what's app in jerusalem be be it is divided inspiration. liz: what did he say?
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>> he did not tell me that but it got me to the general point of why i am here that there is a tremendous idea of a technological hub really just the big two, california but this is just a cornucopia of creativity and innovation maybe because it is such a small space. liz: the state of california is bigger than the state of israel but why is what's app important? you have a full plate. >> the two hubs of creativity werke even more closely together could produce unimaginable innovation. those technologist and arch for numerous fly back and
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forth trying to arrange direct flights from san francisco to timothy that maybe the biggest contribution with the exchange of ideas. to take these two centers of innovation to tag them more closely together with many more businesses. liz: coming to high-tech let's talk about water the state of california governor brown signed a pact today that we grew up with drought israel and the president wants to say one this and one died you have problems? >> no. do you know, why? because we solve them because we have half the
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rainwater we had 65 years ago when israel was founded 10 times the population in gdp grew so we should have a tremendous water problem but we don't because we solved it with the number one recycler of waste water 90% drop in spain with 20% so we are way ahead. liz: what about california? >> that is what we talk about. to talk about seepage in the pipes and all the things that we do. if you take dash hour -- a shower it is not due to hygiene habits so we can help california solve the problem.
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>> and in boston don't forget. tremendous places california as it goes the nation goes? liz: you strike a pact at the time the global backdrop is targeting with the ukrainian president putin shows serious aggression to the ukrainian population. what do you say? would do you think president putin who you just spend time with in november is doing? >> first of all, i hope this is resolved diplomatically and peacefully as soon as possible. we're always concerned with the jewish population.
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we always look at it closely. that is my main concern another problem is tracking the iranian ship. was very happy indeed be captured it on bohai ec's to neutralize with their previous misfiles -- missiles aimed glad it is resolved amicably but i have enough on my plate which is full. liz: is specially cut me off with your meeting with the obama and he struck a tone that said time is running out for israel. you have the situation with the palestinians, by the way a few hours ago the israeli navy could intercept the ship found iranian rockets,
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from my rand? >> without question. deadly rockets they give to the terrorist to drop on our cities. this was just revealed. with us in his stocking and in reality what they're doing is giving weapons to terrorists in sending terrorists the worst terrorist regime in the world i say to your president this cannot have the ability to make nuclear weapons. we have to stop them from providing deadly weapons but also make sure that they don't get the weapon of ultimate terror witches nuclear. liz: it appears they were headed to gaza so what about
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obama who was too fast track the peace process? >> we do as well but we blunt real peace not that has become the opposite. and iran box in and uses the territory that we vacate that is not peace we want genuine peace is real security that the palestinians really finally accept the jewish state as they expect us to recognize the palestinian state. i say it publicly and i say it again. liz: also looking at the economic strength of the start of nation dealing with so many issues calling for word, let me finish but there is to a dozen bit coin
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start ups. how you view that? [laughter] >> the question is the electronic money inevitable? probably. how we manage it with the necessary controls you need to protect the currency flow , that is not easily resolved. we have to be a bit careful. to limit cash transaction inspect -- transactions is that implies we move to that but we do not want to upset. liz: it implies you will regulate bit coin? >> i think everybody will look very carefully. i am a champion of the regulation.
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we have excessive regulation i of a free-market champion so i will make it even more market friendly growing 4.6 percent each year since the market reforms that i introduced as finance minister one decade ago but always be careful with banks a and currency. liz: you have not been careful in a good way with the start of nation mentality with more israeli companies listed on the nasdaq second only to china. >> that's right. we are about the same size. [laughter] we have tremendous energy and vitality it is my job to release that to have the pearl market -- pro market
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business environment. we can always do better. you always compete to make sure capital come to you, an entrepreneur and innovation comes to you. israel is the innovation nation end up powerful producer on the planet that gives us a great future. we would like to share it with our neighbors and with california. liz: prime minister of israel benjamin netanyahu. with setting up shop in israel? >> you have to constantly of great products and services in shorter and shorter time. the way to get advantage is to buy into the smartest mines that are on earth in we have some of them. liz: 84 joining us on fox business.
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some headlines out of this with concern what is going on in the red sea but also hoping to see a resolution now of the ukraine he is the free marketeer. >> in the middle of this international crisis we hope is called the down i think it is slowing down. first of all, the housing bill down this is not that there rip roaring comeback? i have been following these housing numbers and i don't like what i see. not awful but not great. home prices are dipping and home builders are warning just told brothers will not build as many a